Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first mopth of tions 11 1 Tanner invested $135,0

image text in transcribed
image text in transcribed
a Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first mopth of tions 11 1 Tanner invested $135,0 cash along with office equipment valued at $32,40 in the campany in exchange for carman stock 2 The company prepaid 57,200 cash for 12 months rent for office space. (Hints Debit Prepaid Rent for $7,200.) 3 The corpany made credit purchases for $16,200 In office equipment and 53,240 En office supples Peyrent ve withtn 1 days. 6 The campany campleted services for a client and imnedEately recefved $2,00 cash. 9 The campany campleted$10,800 praject for client, who must pay within 30 days 13 The company paid $19,440 cash to settle the account payable created on April 3 19 The carpany paid $6,000 cash for the prendum on 12-month insurance polscy. (mint: Debit Prepaid Insurance for $6, 000. ) 22 The conpany recelved 38,640 cash as partial payment for the work campleted on April s. 25 The company completed work for another client for $2,640 on credit 28 The company paid 36,200 cash in dividends 29 The conpany purchased $1,0e of asditional office supplies on credit. 30 The copaty paid $700 cash for this month's ility bil quired repare general journal entries to record these transactionsusing the following titles Cash (101 Accounts Receivable (106. Office plies (124), Prepaid Insurance (1281 Prepaid Rent (131. Office Equipment r63. Accounts Payable (201, Common Stock (307. dends (319), Services Revenue (403), and Utilities Expense (690) Post the journal entries from part 1 to the ledger accounts Prepare a trial balance as of Apnil 30 Complete this question by entering your answers in the tabs below Requred 1 Requred 2 Requred 3 repare gener al journal entnes to record these transactions using the following titles: Cash (101); Accounts Receivable 106); Office Suppies (124): Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable 201): Common Stock (307); Dividends (319)% Services Revenue (403); and Utlties Expense (690) View transaction ist Journal entry worksheet 3 4 678 12 Tanner rivested $135,000 cash along with office equpment valued at $32,400 n the company in exchange for common stock

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions